The Risk Management Process Within An Enterprise - 2169 Words

Examine and discuss each step below which forms part of the risk management process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples. 1. Objectives of the organization Organizational objectives are the overall goals, mission and purpose that an organization seeks to accomplish. An organization s objectives plays a large part in the development of organizational polices and will determine the distribution and utilization of resources within organization. When a certain company was able to achieve objectives, this would lead to realization of goals. Making objectives may involve a lot of factors. You can set a single objective within organization or multiple objectives and also you can set targeted deadlines for the accomplishment of objectives. There are other important factors such as who make the decisions that could affect the achievement of objectives. Politics in organization is expected, with different kind interests supporting the advance of objectives that are best for them, and this could result in bargaining between groups in the organization, which will lead into objectives that are favorable to the key organizational groups such as soari ng of sales, research and development, marketing and production. To give an example in healthcare facilities, the hospital provides quality services for their patients like having good facilities, competent doctors and nurses, high end equipments andShow MoreRelatedEnterprise Risk Management ( Erm )1531 Words   |  7 Pagesabout the Enterprise Risk Management (ERM). How much risk can be taken so that gain can be increase as risk is directly associated with gain Answer 1: Enterprise Risk Management (ERM) has great potential to provide organizations with new competitive advantages. 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